Q3 2021 Financial and Operational Results Forza Petroleum achieves fifth consecutive quarterly profit; expects to complete three additional wells before year-end
Calgary, Alberta--(Newsfile Corp. - November 10, 2021) - Forza Petroleum Limited (TSX: FORZ) ("Forza Petroleum" or the "Corporation") today announces its financial and operational results for the three and nine months ended September 30, 2021. All dollar amounts set forth in this news release are in United States dollars.
Financial Highlights:
- Revenue of $48.7 million for Q3 2021, consisting of an average realized sales price of $56.81/barrel of oil ("bbl") on working interest oil sales of 718,500 bbl and $7.9 million in recovery of carried costs
- The Corporation has received full payment in accordance with production sharing contract entitlements for all oil sales into the Kurdistan Oil Export Pipeline through August 2021, including full recovery of previously deferred receivables relating to November 2019 through February 2020 oil sales
- Field production costs, representing the Corporation's working interest share of operating expenses, of $4.7 million ($6.57/bbl) for Q3 2021 versus $4.6 million ($6.57/bbl) for Q3 2020
- Field production costs per bbl are flat versus the comparable period as a 3% increase in production volumes was offset by a 3% increase in absolute costs
- Profit of $7.6 million ($0.01 per common share) in Q3 2021 versus profit of $30.1 million in Q3 2020 ($0.05 per common share) which result was boosted by a one-time gain of $26.9 million recorded on the settlement of a loan facility
- Net cash generated from operating activities was $13.9 million in Q3 2021 versus $3.6 million in Q3 2020
- Net cash used in investing activities during Q3 2021 was $7.7 million, including payments related to drilling and facilities work in the Hawler license area, versus $3.3 million in Q3 2020
- $19.5 million of cash and cash equivalents as of September 30, 2021
https://www.newsfilecorp.com/release/102911
